On Monday,the Government of British Columbia announced that BC Rail would buy 61 coal licenses in northwest British Columbia from Fortune Minerals (TSX:FT) and POSCO Canada for approximately $18.3 million. The buy comes as the government looks to resolve issues raised by the local Tahltan Nation regarding development of the project. Fortune and POSCO will retain an exclusive right to repurchase the coal licenses at the same price for a ten year period, "after the Province and the Tahltan Nation have developed a shared vision for the Klappan." "This is a fair solution that recognizes the investment made by the companies secures the potential value of these assets for the future and respects the position of the Tahltan Nation," said Energy and Mines Minister Bill Bennet in a statement. As the Globe and Mail reported, Bennet said he's been involved with the issue for over a decade, aiming to find a solution that works for both parties. The minister noted that the Tahltan region is facing a "huge amount of potential development," and empathized with concerns from those living in the area. "It worries them. They live in an area that until recently wasn't on the [electricity] grid, they live a traditional lifestyle and they have indicated to me it's all happening too fast," he said. The Klappan region is an area of significant cultural importance for the Tahltan Nation. It's known as the Sacred Headwaters, where the Stikine, Skeena and Nass rivers meet. Still, as mentioned above, the government recognizes the significant investment made in the project by Fortune and POSCAN (the companies have held the assets that make up the Arctos project since 2002) and Bennet is hoping that the acquisition by BC rail will allow for the time needed to discuss how things will move forward in the region.